Can I consolidate windows live mail files from 2 locations

Recently my system was screwed up and in the process of fixing it, I ended up with a new user account on my PC. I use Windows Live Mail, and now my saved mail is split into two different sets of folders. Old mail is in the default location for the old user account and new mail is in the default location for the new user account. How can I combine them back into one location?

Is it as simple as moving all the .eml files into a common location?